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Numerous Tax Provisions Extended In Budget Bill

Submitted by Robert Betts, 3rd Vice President of OATC

Please note this breaking news. Early this morning [February 9, 2018], the President signed into law the Bipartisan Budget Act of 2018, which primarily served as a vehicle to extend funding for government operations through March 23, but which also includes more than 50 tax provisions, including extensions of expired tax incentives and various other tax policy changes. SOME OF THESE EXTENDERS ARE RETROACTIVE AND HAVE CHANGED THE LAW AS IT RELATES TO 2017 TAX RETURNS. Notably:

Section 40201. Extension and modification of exclusion from gross income of discharge of qualified principal residence indebtedness.